Warren Buffett Quotes
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Buffett, Warren. "Chairman's Letter." Berkshire Hathaway Inc. 1980 Annual Report. Berkshire Hathaway, 1981.
Like politicians, business CEOs almost always blame others lower down in the chain for their errors. (Politicians usually blame someone from the opposition of the opposition as a group.)
He was discussing the political problem whereby if political leaders take policy risks and succeed, they receive little credit and their opponents call the success a failure anyway. While if the policy fails, then they have both their opponents and their previous supporters attacking them along with the press and public. Business however cannot stand pat. Companies which do not take risks do not survive very long.
Warren Edward Buffett is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of over US$100.6 billion as of April 2021, making him the world's seventh-wealthiest person.